Hut 8 to become a 100% self-mining company

Hut 8 (HUT) has agreed to buy all 960 Whatsminer M31S+ rigs from hosting client Taal. The miner will buy out all hosted rigs in Medicine Hat, Alberta.

The machines will increase Hut 8’s total hashrate by 81 petahash per second (PH/s), to 2.62 exahash per second (EH/s).The deal will make Hut 8 the owner of the mining rigs, rather than having to rent them from Taal. Because ASIC miners are already on-site and hashing, the extra capacity will have an immediate hashrate benefit, according to Hut 8 CEO Jaime Leverton. On April 5, the company said it mined 11.1 bitcoins per day in March and had 6,460 bitcoins on hand.

In March, Argo Blockchain (ARB) swapped mining rigs with its hosting client, Core Scientific, to become self-mining.
Hut 8’s stock rose 3% on Tuesday morning, matching its mining peers’ gains as bitcoin (BTC) climbed 5% to $41,660.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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